Southeast Asian fintech Fazz raises $100M Series C to serve companies of all sizes
Fazz, the Southeast Asian digital monetary providers group created by the merger of PayFazz and Xfers, introduced as we speak that it has raised a complete of $100 million in Series C funding. This contains $75 million in fairness and a $25 million debt facility.
The fairness funding got here from returning buyers Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company, with participation from Ilham Ltd, EDBI, InterVest, Y Combinator managing director Michael Seibel and GGV Capital managing accomplice Hans Tung. The debt facility is from Lendable.
Fazz will use the spherical to proceed constructing out its enterprise accounts, which embrace cost, financial savings and credit score options. The firm says that it noticed $10 billion in annualized transaction volumes final yr. It plans to double its transaction volumes over the subsequent 12 months, and increase its groups in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 workers to 1,400.
Formerly generally known as Fazz Financial Group, Fazz’s aim is to shut the $300 billion funding gap for MSMEs, which has been exacerbated by the pandemic, and provides them the identical instruments as bigger companies.
In a press launch, CEO Hendra Kwik stated, “Our technology is our key differentiator—we invest a lot in the tech side of our business to ensure that any business from small family shops all the way to big enterprises can access financial tools to build their business.”
Fazz’s models embrace Fazz Agen, an agent-based monetary app for micro- and small-businesses in Indonesia, Fazz Business, its enterprise accounts, which serves companies ranging in measurement from MSMEs to massive companies, Modal Rakyat, a peer-to-peer lending and borrowing providers for MSMEs, and funds infrastructure supplier Straits X.
In a press assertion, Tiger Global accomplice Alex Cook stated, “Fazz provides important financial tools to businesses in Southeast Asia, many of whom lack easy access to digital payments, treasury functions and growth capital. The Fazz platform has been rapidly adopted by both small businesses and larger corporations, and we look forward to continuing our partnership with the Fazz team.”
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